Paying For Child Care

Paying for good child care can be a struggle. In fact, child care is probably the second largest expense in your budget after rent or mortgage. The average cost of child care in Hawaii is $640 per month. This cost can vary depending on the age of the child, location, and type of care desired.

Local subsidy programs

From the Executive Office On Early Learning:
Accepting Pre-Kindergarten 2018-2019 Applications beginning March 1, 2019. View the flyer for eligibility requirements, enrollment information and list of schools. Visit your nearest school with a Prekindergarten Program to request an application.

Find out what tax programs you might be eligible for to assist you with your child care needs.

Earned Income Tax Credit (EITC)

You may be able to lower your taxes and even get up to several thousand dollars back if you qualify for the EITC. To qualify you must be working full or part-time and make less than a certain amount based upon family size. You don’t have to owe any taxes to get the EITC.

Child and dependent care tax credit

If you have a child under 13 and owe federal income taxes, this tax credit can help cover a portion or all of the taxes you owe if you quality.

Dependent care assistance programs

Your employer may offer this program which allows you to have money taken out of your paychect tax-free and put into a special account to be used for child care tuition reimbursement. The main purpose of this type of program is to lower the amount of taxes you have to pay during the year. However, you can’t claim any money you put into this account for the Child and Dependent Child Tax Credit (described above).

IRS Volunteer Income Tax Assistance (VITA)

The IRS Volunteer Income Tax Assistance (VITA) program helps low-income workers complete their tax forms. For more information on VITA and other tax related questions CALL 1-800-829-1040.

To get more information call the State of Hawaii’s Dept. of Taxation on Oahu: 587-4242. Kauai: 247-3546, Hawaii: 974-6321, Maui: 984-8500 or the IRS at 1-800-829-3676 and request Form #596 Earned Income Credit and Form #503 Child and Dependent Care Expenses, or ask your tax accountant.

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